The combined value of merchant transactions rose 3.0% to €423 billion, which makes the revenue dip look even more puzzling on the surface. AdvertisementBanking Client Losses Hit Merchant Revenue HardNexi lost Italian banking clients because of mergers in the domestic banking sector. Strip those three factors out, and underlying Merchant Solutions revenue actually grew by 3%. Nexi processed 10.23 billion merchant-payment transactions in the first half of 2026, a 5.6% increase year-over-year, while Issuing Solutions handled 11.31 billion transactions, up 8.6%. Why did Nexi’s Merchant Solutions revenue fall despite higher transaction volumes?